Still paying direct debit for double glazing 14 yrs later

unholyangel

paddyrg wrote: »

£3580 of credit with £11k paid - that's suffering a LOT of interest. Call the lender and ask for a statement of the account

It was 11k when OP said it was 14 years. But since then we've found out he entered into the contract july 2007 - so not even been 9 years yet. Its more like 7k atm - which is still a high interest rate but then the borrowing period also seems to be extremely long for such small an amount so the high interest may have been a trade off for that. I'd say 3580 is cheap for DG but then he could have a studio flat with only 3 windows and a door so who knows.

Seems a bit long and drawn out though. Perhaps check around the requirements for a credit agreement - Im sure it was 2007 the rules changed but i can't remember the exact date. He'd also need the original credit agreement - as that (by law) has to include certain info like length & frequency of payments, total repayable etc so the information he needs should be on there.

xHannahx

The finance, Companies such as Anglian, and safestyle to name two but no doubt industry standard was almost always over 120 payments, and often had a deferred period as well. They did have a clause to allow overpayments to clear quicker though.
If a deferred period was in place you'd be looking at 10 years plus the deferred time.
The earliest it will be finishing I imagine to be July 2007.

agrinnall

xHannahx wrote: »

The earliest it will be finishing I imagine to be July 2007.

Nearly 9 years ago then .

Fosterdog

If the earliest statement was from 2009 then it may well be one of the pay nothing for two years deals so really only just over £5500 has been paid so far although could be a bit more or less based on the fluctuating amounts paid.

£3580 isn't necessarily cheap, we've looked into costs of new front door, new back door and eight new windows, one being very large two being quite large, four being a good size and one small and have had quotes between £3500 and £6000 depending on chosen style.
A whole house of smaller windows especially for basic ones would easily come in for the £3580. In the same street I know one family paid £7000 for windows and doors and another family just £2500 for windows only.

Really OP only your OH can find out what is really going on, if he wants to find out he can contact the company and request all details. If he is not bothered and happy to keep paying as he is then there's not really anything you can do about it.

sheramber

in this link from 2009 interest was charged at 23.7 apr variable

annual rate of interest 21 % variable

http://legalbeagles.info/forums/showthread.php?15318-GE-Money-getting-all-legal-on-me-Help-please

xHannahx

agrinnall wrote: »

Nearly 9 years ago then .

Should have put July 2017. Oops!

Caz3121

could be 10 years at around 19% APR...the £2,100 would be the amount left after 6 years payments